0000950170-21-001408 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 11, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Entity Registrant Name	ALPHA TEKNOVA, INC.
Entity Central Index Key	0001850902
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Fiscal Period Focus	Q2
Trading Symbol	TKNO
Security12b Title	Common Stock, par value $0.00001 per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-40538
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3368109
Entity Address, Address Line One	2290 Bert Dr.
Entity Address, City or Town	Hollister
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95023
City Area Code	831
Local Phone Number	637-1100
Entity Common Stock, Shares Outstanding		28,011,917

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 108,022	$ 3,315
Short-term investments - marketable securities	0	1,811
Accounts receivable, net of allowance for doubtful accounts of $20 thousand and $23 thousand	4,058	4,623
Inventories	3,880	3,582
Income taxes receivable	1,638	1,417
Prepaid expenses and other current assets	719	1,666
Total current assets	118,317	16,414
Property, plant and equipment, net	18,326	10,008
Goodwill	16,613	16,613
Intangible assets, net	19,278	19,852
Other non-current assets	31	24
Total assets	172,565	62,911
Current liabilities:
Accounts payable	2,640	1,635
Accrued liabilities	3,301	2,327
Total current liabilities	5,941	3,962
Deferred tax liabilities	5,242	5,990
Other accrued liabilities	312	350
Long term debt	11,782	0
Deferred rent	253	204
Total liabilities	23,530	10,506
Commitments and contingencies (See “Note 15—Commitments and Contingencies”)
Stockholders’ equity:
Preferred stock, $0.00001 par value, 10,000,000 and zero shares authorized at June 30, 2021 and December 31, 2020, respectively, zero shares issued and outstanding at June 30, 2021 and December 31, 2020
Common stock, $0.00001 par value, 490,000,000 shares authorized at June 30, 2021 and December 31, 2020 respectively, 28,011,917 and 3,599,232 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	149,675	14,495
(Accumulated deficit) retained earnings	(640)	2,265
Accumulated other comprehensive income	0	7
Total stockholders’ equity	149,035	16,767
Total liabilities, convertible and redeemable preferred stock and stockholders’ equity	172,565	62,911
Convertible Series A Preferred Stock [Member]
Current liabilities:
Series A convertible and redeemable preferred stock, $0.00001 par value, zero and 9,600,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; zero and 9,342,092 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $0 and $41,586 thousand as of June 30, 2021 and December 31, 2020, respectively.	$ 0	$ 35,638

Condensed Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 20	$ 23
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	490,000,000	30,000,000
Common stock, shares issued	28,011,917	3,599,232
Common stock, shares outstanding	28,011,917	3,599,232
Convertible Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	0	9,600,000
Preferred stock, shares issued	0	9,342,092
Preferred stock, shares outstanding	0	9,342,092
Preferred stock, liquidation preference, value	$ 0	$ 41,586

Condensed Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 8,313	$ 6,044	$ 17,391	$ 12,156
Cost of sales	4,959	2,575	9,012	5,058
Gross profit	3,354	3,469	8,379	7,098
Operating expenses:
Research and development	851	341	1,548	667
Sales and marketing	904	481	1,609	831
General and administrative	3,838	1,656	8,002	3,310
Amortization of intangible assets	287	287	574	574
Total operating expenses	5,880	2,765	11,733	5,382
(Loss) income from operations	(2,526)	704	(3,354)	1,716
Other income (expense), net
Interest income (expense), net	(304)	23	(296)	55
Other expense, net	(3)	(4)	(2)	(25)
Total other income (expenses), net	(307)	19	(298)	30
(Loss) income before income taxes	(2,833)	723	(3,652)	1,746
(Benefit from) provision for income taxes	(583)	211	(747)	286
Net (loss) income	(2,250)	512	(2,905)	1,460
Change in unrealized loss on available-for-sale securities, net of tax	0	43	(7)	9
Comprehensive (loss) income	(2,250)	555	(2,912)	1,469
Net (loss) income available to common stockholders
Net (loss) income	(2,250)	512	(2,905)	1,460
Less: undistributed income attributable to preferred stockholders	0	(425)	0	(1,211)
Net (loss) income attributable to common stockholders	$ (2,250)	$ 87	$ (2,905)	$ 249
Net (loss) income per share attributable to common stockholders
Basic	$ (0.52)	$ 0.02	$ (0.73)	$ 0.07
Diluted	$ (0.52)	$ 0.02	$ (0.73)	$ 0.07
Weighted average shares used in computing net (loss) income per share attributable to common stockholders
Basic	4,328,222	3,599,232	3,965,741	3,599,232
Diluted	4,328,222	3,636,724	3,965,741	3,636,724

Condensed Statements of Convertible and Redeemable Preferred Stock and Stockholders' (Deficit) Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Accumulated Deficit) [Member]	Convertible and Redeemable Preferred Stock [Member]
Beginning Balance at Dec. 31, 2019	$ 12,910	$ 0	$ 14,195	$ 20	$ (1,305)	$ 35,638
Beginning Balance (in shares) at Dec. 31, 2019		3,599,232				9,342,092
Unrealized gain (loss) on available-for-sale securities	9			9
Net (loss) income	1,460				1,460
Ending Balance at Jun. 30, 2020	14,379	$ 0	14,195	29	155	$ 35,638
Ending Balance (in shares) at Jun. 30, 2020		3,599,232				9,342,092
Beginning Balance at Mar. 31, 2020	13,824	$ 0	14,195	(14)	(357)	$ 35,638
Beginning Balance (in shares) at Mar. 31, 2020		3,599,232				9,342,092
Unrealized gain (loss) on available-for-sale securities	43			43
Net (loss) income	512				512
Ending Balance at Jun. 30, 2020	14,379	$ 0	14,195	29	155	$ 35,638
Ending Balance (in shares) at Jun. 30, 2020		3,599,232				9,342,092
Beginning Balance at Dec. 31, 2020	$ 16,767	$ 0	14,495	7	2,265	$ 35,638
Beginning Balance (in shares) at Dec. 31, 2020	3,599,232	3,599,232				9,342,092
Stock-based compensation	$ 485		485
Accretion of convertible and redeemable preferred stock to redemption value	(300)		(300)			$ (300)
Unrealized gain (loss) on available-for-sale securities	(7)			(7)
Conversion of convertible and redeemable preferred stock	35,938	$ 0	35,938			$ (35,938)
Conversion of convertible and redeemable preferred stock (in shares)		17,512,685				(9,342,092)
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts	99,057	$ 0	99,057
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts (in shares)		6,900,000
Net (loss) income	(2,905)				(2,905)
Ending Balance at Jun. 30, 2021	$ 149,035	$ 0	149,675	0	(640)	$ 0
Ending Balance (in shares) at Jun. 30, 2021	28,011,917	28,011,917				0
Beginning Balance at Mar. 31, 2021	$ 16,288	$ 0	14,678	0	1,610	$ 35,638
Beginning Balance (in shares) at Mar. 31, 2021		3,599,232				9,342,092
Stock-based compensation	302		302
Accretion of convertible and redeemable preferred stock to redemption value	(300)		(300)			$ (300)
Conversion of convertible and redeemable preferred stock	35,938	$ 0	35,938			$ (35,938)
Conversion of convertible and redeemable preferred stock (in shares)		17,512,685				(9,342,092)
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts	99,057	$ 0	99,057
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts (in shares)		6,900,000
Net (loss) income	(2,250)				(2,250)
Ending Balance at Jun. 30, 2021	$ 149,035	$ 0	$ 149,675	$ 0	$ (640)	$ 0
Ending Balance (in shares) at Jun. 30, 2021	28,011,917	28,011,917				0

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net (loss) income	$ (2,905)	$ 1,460
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt expense	231	(1)
Depreciation and amortization	1,352	931
Stock-based compensation	485	0
Inventory reserve	699	1
Realized loss (gain) on marketable securities	(1)	16
Amortization of (discount) premium on marketable securities	(9)	11
Deferred taxes	(747)	1,386
Amortization of Debt Issuance Costs	46	0
Loss on disposal of property, plant and equipment	4	10
Changes in operating assets and liabilities:
Accounts receivable	334	(542)
Inventories	(997)	(525)
Prepaid expenses and other assets	175	(1,370)
Accounts payable, accrued liabilities, and other current and non-current liabilities	134	301
Deferred rent	49	18
Cash provided by (used in) operating activities	(1,150)	1,696
Investing activities:
Purchase of property, plant and equipment	(8,558)	(953)
Proceeds from loan to related party	529	13
Purchase of short-term marketable securities	0	(1,777)
Proceeds on sales of short-term marketable securities	1,132	1,747
Proceeds from maturities of short-term marketable securities	695	2,075
Cash (used in) provided by investing activities	(6,202)	1,105
Financing activities:
Proceeds from long-term debt, net	11,889	0
Debt issuance costs	(153)	0
Repayment of long-term debt	0	(45)
Payment of issuance costs for initial public offering	(2,349)	0
Proceeds from initial public offering, net of underwriters’ commissions and discounts	102,672	0
Cash provided by (used in) financing activities	112,059	(45)
Change in cash and cash equivalents	104,707	2,756
Cash and cash equivalents at beginning of period	3,315	4,144
Cash and cash equivalents at end of period	108,022	6,900
Supplemental cash flow disclosures:
Income taxes paid	0	12
Interest paid	194	19
Capitalized property, plant and equipment included in accounts payable	929	142
Conversion of convertible and redeemable preferred stock into common stock	35,938	0
Accretion of convertible and redeemable preferred stock to redemption value	300	0
Issuance costs for initial public offering included in accrued liabilities and accounts payable	$ 1,266	$ 0

Nature of the Business

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Business

Note 1. Nature of the Business

Nature of Business

Alpha Teknova, Inc. was founded in 1996 and initially incorporated in California on May 30, 2000, under the name “eTeknova Inc.” On January 11, 2019, eTeknova Inc filed a certificate of merger and merged with and into Alpha Teknova, Inc., a Delaware corporation, which continued as the surviving entity bearing the corporate name of “Alpha Teknova, Inc.” (“Teknova” or the “Company”). Teknova provides critical reagents that enable the discovery, development, and production of biopharmaceutical products such as drug therapies, novel vaccines, and molecular diagnostics. Product offerings include pre-poured media plates for cell growth and cloning, liquid cell culture media and supplements for cellular expansion, and molecular biology reagents for sample manipulation, resuspension, and purification. Teknova supports customers spanning the life sciences market, including pharmaceutical and biotechnology companies, contract development and manufacturing organization, in vitro diagnostic franchises, and academic and government research institutions, with catalog and custom, made-to-order products.

Teknova manufactures its products at its Hollister, California headquarters and stocks inventory of raw materials, components, and finished goods at that location. The Company ships products directly from its warehouses in Hollister, California and Mansfield, Massachusetts.

Teknova manufactures its products under Research Use Only (“RUO”) or Good Manufacturing Processes (“GMP”) regulatory standards, the latter of which refers to a more stringent level of quality standards supported by additional levels of documentation, testing, and traceability. In 2017, Teknova achieved International Organization for Standardization ("ISO") 13485:2016 certification, enabling the Company to manufacture products for use in diagnostic and therapeutic applications.

Stock Split

On June 14, 2021 and June 16, 2021, the Company’s board of directors and stockholders, respectively, approved a 1.8746 for-one forward stock split of the Company’s issued and outstanding shares of common stock, including the shares of common stock underlying outstanding stock options. This stock split was effected on June 17, 2021. The par value of the Company’s common stock was not adjusted as a result of the stock split. All issued and outstanding share and per share amounts of the Company’s common stock and stock options included in the accompanying condensed financial statements have been retroactively adjusted to reflect this stock split for all periods presented.

Initial Public Offering

On June 29, 2021, the Company completed its initial public offering (“IPO”) in which the Company issued and sold 6,900,000 shares of its common stock, including shares issued upon the exercise in full of the underwriters’ option to purchase 900,000 additional shares of its common stock, at a public offering price of $16.00 per share. The Company received $99.1 million in net proceeds, after deducting underwriting discounts and commissions of $7.7 million and offering expenses of $3.6 million.

On June 28, 2021, all outstanding shares of convertible and redeemable preferred stock were converted into 17,512,685 shares of the Company’s common stock. Prior to the conversion of preferred stock to the Company’s common stock, total accretion of $0.3 million related to costs associated with the issuance of the convertible and redeemable preferred stock was recognized as an increase to the carrying value from $35.6 million to $35.9 million. Subsequent to the closing of the IPO, there were no shares of convertible and redeemable preferred stock outstanding.

Prior to the IPO, deferred offering costs, which consist primarily of direct incremental legal, accounting, and consulting fees relating to the Company’s IPO, were capitalized within prepaid expenses and other current assets in the condensed balance sheets. Upon the closing of the IPO, these costs were reclassified into additional paid-in capital, as an offset against IPO proceeds. As of June 30, 2021, $3.6 million of these IPO-related costs are included as a reduction to additional paid-in capital on the condensed balance sheet. There were no material deferred offering costs recorded as of December 31, 2020.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Accounting and Presentation

The accompanying condensed financial statements and related notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations.

The condensed balance sheet at December 31, 2020, was derived from amounts included in the Company’s annual financial statements for the year ended December 31, 2020, included in the Company’s final prospectus dated June 24, 2021 (the “Final Prospectus”) filed with the Securities and Exchange Commission (“SEC”) on June 25, 2021 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”), but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto as of and for the year ended December 31, 2020, included in the Final Prospectus. Refer to Note 2, Summary of Significant Accounting Policies, within the annual financial statements included within the Final Prospectus for the full list of our significant accounting policies. The details in those notes have not changed except as a result of normal adjustments in the interim periods.

On January 14, 2019, Teknova entered into a stock purchase agreement with Telegraph Hill Partners IV, L.P. and THP IV Affiliates Fund, LLC (collectively “THP”), pursuant to which THP acquired 9,342,092 shares of the Company’s Series A preferred stock, representing 80.6% of the then-outstanding voting power of the Company (on a fully diluted basis), and Teknova received an aggregate of $35.9 million from the issuance of such shares to THP (the “THP Transaction”). In connection with the THP Transaction, we elected to apply “pushdown” accounting by applying the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. Our assets and liabilities were recognized at fair value as of January 14, 2019. Additionally, the excess of the portion of the total purchase price of the THP Transaction attributable to the purchase of assets and liabilities over their estimated fair value as of the closing date of the THP Transaction was allocated to goodwill. The new basis of accounting primarily impacted the values of our long-lived and indefinite-lived intangible assets and resulted in increased depreciation and amortization expense due to the increased carrying value of our assets.

Impact of COVID-19

In March 2020, the World Health Organization declared that the outbreak of COVID-19 was a global pandemic. Since Teknova’s business is categorized as part of the country’s critical infrastructure, the Company was able to continue operations during the COVID-19 pandemic. During the first half of 2020, orders for Lab Essentials products declined because many research customers were required to close temporarily. Later in the year, Teknova developed and commercialized, and earned revenue on, sample transport medium for use in COVID-19 sample collection and transport. During the first half of 2021, demand for COVID-19 testing declined significantly and market supply of sample transport medium increased resulting in excess supply in the market. As a result and with uncertain future demand, the Company fully reserved for its Sample Transport medium inventory.

It is not possible to exactly predict the total impact of the global COVID-19 outbreak on the Company’s future revenue or profitability, which will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the effectiveness of public policy, the potential emergence and spread of new virus variants, and the degree to which vaccination efforts are successful, among other factors.

Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. Teknova’s CODM is its Chief Executive Officer, Stephen Gunstream. Teknova has determined that it operates in one reporting unit, one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Unaudited Condensed Financial Statements

The condensed balance sheet as of June 30, 2021, the condensed statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020, the condensed statements of cash flows for the six months ended June 30, 2021 and 2020, and the condensed statements of convertible and redeemable preferred stock and stockholders’ equity for the three and

six months ended June 30, 2021, and 2020 are unaudited. The condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2020, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2021, and the condensed results of its operations and comprehensive income (loss) and its cash flows for the three and six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020, are also unaudited. The condensed results of operations and comprehensive income (loss) for the three and six months ended June 30, 2021, are not necessarily indicative of the results to be expected for the full year ending December 31, 2021, or for any other period.

Use of Estimates

The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts of assets and liabilities, and disclosures of assets and liabilities, at the date of each financial statement, and the reported amount of revenues and expenses during the reporting period. The inputs into the Company’s judgments and estimates consider the economic implications of COVID-19 on the Company’s critical and significant accounting estimates, including those made in connection with the valuation of goodwill and intangible assets, stock-based compensation, and income taxes. Actual results can differ from those estimates.

Debt Issuance Costs

Debt issuance costs represent legal, consulting, and other financial costs associated with debt financing and are presented on the balance sheets as a direct reduction from the carrying amount of the related debt instrument. Debt issuance costs on the term debt are amortized to interest expense over the term of the applicable debt agreement using the effective interest rate method.

Stock-Based Compensation

Teknova follows the fair value recognition provisions of ASC 718, Compensation—Stock Compensation (Topic 718). The Company accounts for stock-based compensation expense based on the estimated grant date fair value, using the Black-Scholes option-pricing model, which requires the Company to make a number of assumptions, including expected volatility, the expected risk-free interest rate, the expected term and the expected dividend. Stock-based compensation expense is recognized over the requisite service period of the award, which generally represents the scheduled vesting period. Forfeitures are recognized as they occur.

Concentration of Risk

Financial Instruments

Teknova’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality banking institutions. At times, the Company’s cash and cash equivalent balances may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. Teknova has never experienced any losses related to its cash and cash equivalent balances. Teknova routinely communicates with its customers regarding payments and has a history of limited write-offs. Therefore, the Company believes that its accounts receivable credit risk exposure is limited.

Customers

For the three months ended June 30, 2021 and 2020, Teknova’s combined sales to its three largest customers accounted for approximately 35% and 34% of its total sales, respectively. Two of these customers, individually, represented 19% and 10% of total sales, respectively, for the three months ended June 30, 2021. For the six months ended June 30, 2021 and 2020, Teknova’s combined sales to its three largest customers accounted for approximately 32% and 36% of its total sales, respectively. Two of these customers, individually, represented 17% and 9% of total sales, respectively, for the six months ended June 30, 2021. The three customers also have combined accounts receivable balances as of June 30, 2021 and December 31, 2020, representing 43% and 25% of total receivables, respectively. Two of these customers are distributors representing a highly diversified customer base.

Suppliers

For the three months ended June 30, 2021 and 2020, purchases from two of Teknova’s suppliers together accounted for 48% and 51%, of all of the Company’s inventory purchases, respectively. For the six months ended June 30, 2021 and 2020, purchases from two of Teknova’s suppliers together accounted for 50% and 52%, of all of the Company’s inventory purchases, respectively. The

amounts due to Teknova’s largest supplier comprised approximately 12% and 20% of total accounts payable as of June 30, 2021 and December 31, 2020, respectively. One of these suppliers is a distributor representing a highly diversified supplier base.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The new standard requires lessees to generally recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet. The new standard is effective with respect to Teknova beginning January 1, 2022, on a modified retrospective basis, and early adoption is permitted. Teknova is currently evaluating the impact of the pending adoption of this standard on its condensed financial statements. Teknova expects that most of the operating lease commitments will be subject to the new standard and will be recognized as operating lease liabilities and right-of-use assets upon adoption of this standard, which will increase the Company’s total assets and total liabilities that are reported relative to such amounts prior to adoption.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASC 740”). ASU No. 2019-12 removes certain exceptions to the general principles in ASC 740 and clarifies and amends certain guidance to promote consistent application. The new guidance is effective for the Company’s annual and interim periods beginning after December 15, 2021, and early adoption is permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective or prospective basis. Teknova is currently evaluating the impact that application of the standard may have on its condensed financial statements but does not now anticipate the impact will be significant.

In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses. The standard introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses and will apply to accounts receivable. The new guidance will be effective for Teknova’s annual and interim periods beginning after December 15, 2022. Teknova is currently evaluating the impact that application of the standard may have on its condensed financial statements but does not anticipate it will have a significant impact.

Revenue Recognition

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition

Note 3. Revenue Recognition

Teknova recognizes its revenue from the sale of its products. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. All of Teknova’s contracts with customers contain a single performance obligation - delivery of consumable products (e.g., media plates, broths, buffers, reagents, etc.). Accordingly, the Company recognizes revenue at a point in time when control of the products has been transferred to the customers, which is at the time of shipment. Revenue is recognized in an amount that reflects the consideration Teknova expects to be entitled to receive in exchange for the products. Sales and other similar taxes collected from customers on behalf of third parties are excluded from the sale price of the products.

Teknova records shipping and handling costs charged to customers as revenue. Shipping and handling charges are included in general and administrative expenses as revenue is recognized. Shipping and handling charges for the three months ended June 30, 2021 and 2020, were approximately $0.2 million and $0.2 million, respectively, and for the six months ended June 30, 2021 and 2020 were approximately $0.5 million and $0.5 million, respectively. Costs incurred to obtain contracts with customers are expensed immediately because the amortization period for such costs is one year or less.

Teknova offers a limited warranty on its products under the Company’s standard purchase terms and conditions. Product warranty claims are rare, and the impact of such claims is recorded when they occur. The difference between recording these as they occur and estimating the amount of consideration in exchange for the transfer of promised goods would not have a material impact on the condensed financial statements. Product warranty claims for the periods presented are immaterial.

ASC Topic 606, Revenue from Contracts with Customers ("ASC 606") requires an entity to estimate the amount of variable consideration to which the entity will be entitled, in exchange for transferring the promised goods to a customer of a contract. Occasionally, Teknova offers rebates, discounts, and returns on its products. However, returns and refunds are an extremely rare occurrence and are not explicitly or implicitly part of the purchase order. The Company records rebates, discounts, and returns at the time in which they occur. The difference between recording these as they occur and estimating the amount of consideration in exchange for the transfer of promised goods would not have a material impact on the condensed financial statements.

Teknova’s sales are made directly to customers or through distributors, generally under agreements with payment terms typically shorter than 90 days and, in no case, exceeding one year. Therefore, Teknova’s contracts do not contain a significant financing component.

Contract Balances

Teknova’s accounts receivable, net, includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. Teknova maintains an allowance for doubtful accounts to provide for an estimated amount of receivables that will not be collected.

Disaggregation of Revenue

Teknova’s revenue, disaggregated by product category was as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(unaudited)
Lab Essentials	$	6,456	$	4,430	$	13,246	$	9,679
Clinical Solutions		1,593		1,208		2,664		1,787
Sample Transport		37		174		961		174
Other		227		232		520		516
Total revenue	$	8,313	$	6,044	$	17,391	$	12,156

Teknova’s revenue, disaggregated by geographic region was as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(unaudited)
United States	$	8,061	$	5,735	$	16,776	$	11,556
International		252		309		615		600
Total revenue	$	8,313	$	6,044	$	17,391	$	12,156

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Note 4. Goodwill and Intangible Assets, Net

Goodwill and intangible assets relate to the application of pushdown accounting associated with the THP Transaction.

There were no changes in the carrying amount of goodwill during the three and six months ended June 30, 2021 and 2020.

The following is a summary of intangible assets with definite and indefinite lives (in thousands):


	Balance at June 30, 2021 (unaudited)						Balance at December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite Lived:
Customer relationships		9,180		2,821		6,359	$	9,180	$	2,247	$	6,933
Indefinite Lived:
Tradename		12,919		—		12,919		12,919		—		12,919
Total intangible assets		22,099		2,821		19,278	$	22,099	$	2,247	$	19,852

For the three months ended June 30, 2021 and 2020, amortization expense was approximately $0.3 million and $0.3 million, respectively. For the six months ended June 30, 2021 and 2020, amortization expense was approximately $0.6 million and $0.6 million, respectively.

As of June 30, 2021, the remaining weighted-average useful life of definite lived intangible assets is 5.5 years. The estimated future amortization expense of intangible assets with definite lives is as follows (in thousands):


	Amount
	(unaudited)
Remainder of 2021	$	574
2022		1,148
2023		1,148
2024		1,148
2025		1,148
2026 and thereafter		1,193
Estimated future amortization expense of definite-lived intangible assets	$	6,359

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price), in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. FASB ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:



Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.



Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.



Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

There are no financial instruments measured at fair value as of June 30, 2021.

Financial assets carried at fair value and measured on a recurring basis as of December 31, 2020 are classified in the hierarchy as follows (in thousands):


	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	286	$	286	$	—	$	—
Total cash equivalents		286		286		—		—
Available-for-sale investments
U.S. corporate debt securities		858		—		858		—
Foreign corporate debt securities		953		—		953		—
Total available-for-sale investments		1,811		—		1,811		—
Total financial assets carried at fair value	$	2,097	$	286	$	1,811	$	—

Teknova has not transferred any investment securities between the three levels of the fair value hierarchy. Money market funds are included in cash and cash equivalents in the condensed balance sheets. Available-for-sale investments are included in short-term investments – marketable securities in the condensed balance sheets.

Teknova classifies investments in money market funds and U.S. treasury bills and government agency obligations within Level 1 as the prices are available from quoted prices in active markets. The Company’s investments in debt securities are classified as Level 2. Investments in U.S. corporate debt securities are valued based on observable inputs such as the U.S. Treasury yield curve, market indicated spreads, and quoted prices for identical assets in markets that are not active and/or similar assets in markets that are active. Investments in foreign corporate securities are valued based on observable inputs such as the applicable, country-specific market yield curve, market indicated spreads by security rating and quoted prices for identical assets in markets that are not active and/or similar assets in markets that are active.

As of June 30, 2021 the Company does not hold any short-term investments. As of December 31, 2020 short-term investments included $1.8 million of available-for-sale securities with contractual maturities less than one year.

Unrealized gains and losses associated with the investments are reported in accumulated other comprehensive income (loss). The Company did not hold any short-term investments during the three months ended June 30, 2021. For the six months ended June 30, 2021, and for the three and six months ended June 30, 2020, the Company recorded an insignificant amount in net unrealized gains/(losses) associated with the short-term investments through other comprehensive income on the accompanying condensed financial statements.

Realized gains and losses associated with investments, if any, are reported in other income (expense), net. The Company did not hold any short-term investments during the three months ended June 30, 2021. For the six months ended June 30, 2021, and for the three and six months ended June 30, 2020, the Company recorded an insignificant amount in realized gains/losses on its short-term investments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories, Net

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories, Net

Note 6. Inventories, Net

Inventories consist of the following (in thousands):


	As of June 30, 2021		As of December 31, 2020
	(unaudited)
Finished goods, net	$	2,558	$	2,093
Work in process		79		137
Raw materials, net		1,243		1,352
Total inventories, net	$	3,880	$	3,582

Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, Net

Note 7. Property, Plant and Equipment, Net

Property, plant and equipment consist of the following (in thousands):


	As of June 30, 2021			As of December 31, 2020
	(unaudited)
Machinery and equipment	$	8,416		$	6,084
Office furniture and equipment		494			315
Vehicles		70			128
Leasehold improvements		2,625			2,442
		11,605			8,969
Less—Accumulated depreciation		(1,713	)		(995	)
		9,892			7,974
Construction in progress		8,434			2,034
Total property, plant and equipment, net	$	18,326		$	10,008

Depreciation expense related to property, plant and equipment recorded during the three months ended June 30, 2021 and 2020 was approximately $0.4 million and $0.2 million, respectively and during the six months ended June 30, 2021 and 2020 was approximately $0.8 million and $0.4 million, respectively.

Accrued Liabilities

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current [Abstract]

Accrued Liabilities

Note 8. Accrued Liabilities

Accrued liabilities were comprised of the following (in thousands):


	As of June 30, 2021		As of December 31, 2020
	(unaudited)
Payroll-related	$	1,873	$	1,482
Other		1,428		845
Total current accrued liabilities	$	3,301		2,327

Long-Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Note 9. Long-Term Debt

On March 26, 2021, the Company entered into a Credit Agreement (“Credit Agreement”) with MidCap Financial Funding (MidCap Financial Services, LLC, as servicer for MidCap Financial Trust), as an administrative agent, and such other banks and financial institutions as may be arranged by MidCap Financial Funding. The Credit Agreement provides for a $27.0 million credit facility (the “Facility”) consisting of a $22.0 million senior, secured term loan (the “Term Loan”), and a $5.0 million working capital facility (the “Revolver”). The Term Loan is staged such that $12.0 million is available immediately, an additional $5.0 million is available on September 30, 2021, and $5.0 million is available in 2022, but such final borrowing is contingent upon achieving trailing twelve months of net revenue of $37.0 million if the proposed funding date is on or after January 1, 2022 and before July 1, 2022 or $38.5 million if the proposed funding date is on or after July 1, 2022 and on or before September 30, 2022 and earnings before interest, taxes, depreciation and amortization (“EBITDA”) targets (as defined in the Credit Agreement). Borrowings on the Revolver are limited to a borrowing base calculation, with the initial borrowing subject to completion of an initial field exam with respect to such borrowing base assets. The initial field exam was completed during the second fiscal quarter of 2021. As of June 30, 2021, there was no drawdown on the Revolver. The interest on the Term Loan is based on the annual rate of one-month London Inter-Bank Offered Rate (LIBOR) plus 6.45%, subject to a LIBOR floor of 1.50%. If any advance under the Term Loan is prepaid at any time, the prepayment fee is based on the amount being prepaid and an applicable percentage amount, such as 3%, 2%, or 1%, based on the date the prepayment is made after the closing date of the Term Loan. The Credit Agreement contains a financial covenant based upon a

trailing twelve months of net revenue, including a requirement of $32.0 million in the twelve months ending December 31, 2021. As of June 30, 2021, the Company has complied with these requirements. The outstanding balance on the Facility will be due in full on March 1, 2026. At the end of the Term Loan, the Company will pay an exit fee of $0.6 million, which represents 5% of the $12.0 million in borrowings made available immediately on March 26, 2021. Such fee is being accreted to interest expense over the life of the Term Loan. The Company incurred $0.3 million of debt issuance costs which are recorded in long-term debt in the condensed balance sheets.

On March 26, 2021, the Company drew the full $12.0 million of the Term Loan available. As of June 30, 2021, the gross outstanding long-term debt is $12.0 million ($11.8 million net of debt issuance costs) and is presented as long-term debt on the condensed balance sheets (in thousands). The components of the carrying value of long-term debt as of June 30, 2021 and December 31, 2020, are detailed below:


	As of June 30, 2021			As of December 31, 2020
	(unaudited)
Long-term debt	$	12,000		$	—
Cumulative accretion of exit fee		30			—
Unamortized debt discount and debt issuance costs		(249	)		—
Long term debt, net	$	11,782		$	—

At June 30, 2021, the scheduled maturities, of the Term Loan were as follows (in thousands):


	Amount
	(unaudited)
Remainder of 2021	$	—
2022		—
2023		—
2024		4,500
2025		6,000
2026		1,500
Total	$	12,000

As of June 30, 2021, the fair value of our long-term debt approximates its carrying value. The fair value of our long-term debt was based on observable market inputs (Level 2).

Convertible and Redeemable Preferred Stock

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

Convertible and Redeemable Preferred Stock

Note 10. Convertible and Redeemable Preferred Stock

As of December 31, 2020, Series A preferred stock consisted of the following (in thousands, except share data):


	Shares Authorized		Shares Issued and Outstanding		Aggregate Liquidation Preference		Proceeds, net of Issuance Cost
Series A preferred stock		9,600,000		9,342,092	$	41,586	$	35,638

On June 14, 2021 and June 16, 2021, the Company’s board of directors and stockholders, respectively approved a 1.8746 for-one forward stock split, which was effected on June 17, 2021. On June 28, 2021, all outstanding shares of the Company’s Series A preferred stock were converted into 17,512,685 shares of the Company’s common stock on a one-to-one basis and their carrying value of $35.9 million was reclassified into stockholders’ equity. As of June 30, 2021, there were no shares of convertible and redeemable preferred stock issued and outstanding.

Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Common Stock

Note 11. Equity

Preferred stock

On June 28, 2021, in connection with the IPO, the Company’s amended and restated certificate of incorporation became effective. The amended and restated certificate of incorporation authorizes the issuance of 10,000,000 shares of preferred stock, par value $0.00001 per share, with rights and preferences, including voting rights, designated from time to time by the Company’s board of directors. As of June 30, 2021 and December 31, 2020, the Company had 10,000,000 and zero authorized shares of the Company’s preferred stock, par value $0.00001 per share, respectively. As of June 30, 2021 and December 31, 2020, there were zero shares of the Company’s preferred stock issued and outstanding.

Common stock

As of June 30, 2021 and December 31, 2020, the Company had 490,000,000 and 30,000,000 authorized shares of the Company’s common stock, par value $0.00001 per share, respectively. As of June 30, 2021 and December 31, 2020, there were 28,011,917 and 3,599,232 shares of the Company’s common stock issued and outstanding.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 12. Stock-Based Compensation

2016 Stock Plan

On December 21, 2016, the Company’s predecessor entity’s board of directors adopted, and the Company’s predecessor entity’s shareholders approved, the 2016 Stock Plan, as amended (the "2016 Plan") and the Company assumed the 2016 Plan in connection with its reincorporation as a Delaware corporation in January 2019.

Certain employees, directors and consultants to the Company have been granted options to purchase common shares under the 2016 Plan and related agreements. The 2016 Plan authorizes options to be granted in the form of Incentive Stock Options or Nonstatutory Stock Options. As of June 30, 2021 and December 31, 2020, there were no shares available for issuance under the 2016 Plan.

Under the 2016 Plan, Teknova granted time-based and performance-based options, each with a term of ten years. Time-based options vest over a four-year period with a one-year cliff. The Company recognizes compensation expense for stock options over the vesting period. Forfeitures are recognized as incurred. Prior to the execution of the THP Transaction, 3,951,334 time-based options were fully vested. The remaining 1,485,006 unvested time-based options accelerated and became fully vested immediately upon the execution of the THP Transaction. The Company repurchased 3,542,994 of the Company’s common stock options pursuant to the THP Transaction for $2.0521 per share. The Company granted 284,682 performance-based options that vest upon a change of control, which excludes the THP Transaction.

When the 2020 Plan became effective, no additional stock awards were granted under the 2016 Plan, although all outstanding stock awards granted under the 2016 Plan will continue to be subject to the terms and conditions as set forth in the agreements evidencing such stock awards and the terms of the 2016 Plan.

2020 Equity Incentive Plan

The Company’s board of directors and the Company’s stockholders adopted the 2020 Equity Incentive Plan, as amended (the “2020 Plan”), on August 31, 2020. Pursuant to the 2020 Plan, the Company had reserved 3,143,848 shares of its common stock for issuance thereunder. As described below, after the 2021 Equity Incentive Plan (the “2021 Plan”) became effective, no additional awards will be made pursuant to the 2020 Plan; however, the 2020 Plan will continue to govern outstanding awards granted thereunder. As of June 30, 2021 and December 31, 2020, zero and 1,924,370 shares, respectively, were available for issuance under the 2020 Plan.

Under the 2020 Plan, the Company granted time-based and performance-based options, each for a term of ten years. The time-based options vest over a four-year period. Options to purchase the Company’s common stock were granted with an exercise price equal to the fair market value of the Company’s common stock on the date of grant. The Company recognizes compensation expense for stock options over the vesting period. Forfeitures are recognized as incurred. Performance-based options vest upon the meeting of certain expectations based on pre-established goals for growth in revenue and EBITDA.

On June 14, 2021 the Company’s board of directors approved an amendment to the outstanding performance based option to acquire 231,719 shares of the Company’s common stock previously granted under 2020 Plan on August 31, 2020, to eliminate the performance based vesting and provide that such option will vest in 48 equal monthly installments commencing on June 24, 2021, the date upon which the Company’s Registration Statement on Form S-1 (File No. 333-256795) (the “IPO Registration Statement”) was declared effective by the SEC. The stock option modification was measured as the excess of the fair value of the modified option over the fair value of the original option immediately before the modification in accordance with FASB ASC Topic 718. The incremental stock-based compensation expense for such stock option modification is approximately $3.5 million, which is being amortized over the 48-month vesting period. During the three and six months ended June 30, 2021, $0.03 million in incremental stock-based compensation expense was recognized in general and administrative expense on the condensed statements of operations and comprehensive income (loss).

2021 Equity Incentive Plan

On June 14, 2021 and June 17, 2021, the Company’s board of directors and the Company’s stockholders, respectively, approved the 2021 Plan, which became effective on June 23, 2021 in connection with the IPO. From and after the date on which the 2021 Plan became effective, no further grants will be made under the 2020 Plan. 2,908,283 shares of the Company’s common stock

are reserved for issuance under the 2021 Plan. As of June 30, 2021, 2,748,349 shares of the Company's common stock are available for future grants under the 2021 Plan.

The types of equity-based awards that may be granted under the 2021 Plan include: options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other stock-based awards. The maximum number of shares of the Company’s common stock that may be issued under the 2021 Plan is 5,020,114 shares of the Company’s common stock, which is the sum of (i) 2,908,283 new shares, plus (ii) an additional number of shares not to exceed 2,111,830 shares, consisting of any shares of the Company’s common stock subject to outstanding stock options or other stock awards granted under the 2020 Plan that, on or after the 2021 Plan became effective, terminate or expire prior to exercise or settlement. The equity-based awards will vest over a four-year period for all employees and will vest over a three-year period for the Company’s board of directors. Generally, the number of shares of the Company’s common stock that will be reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031, in an amount equal to 4 % of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding year; provided, however, that the Company’s board of directors may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of common stock.

The following table summarizes the stock option activity under the 2016, 2020, and 2021 Plans for the indicated periods (unaudited) (in thousands, except share and per share data):


	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance at December 31, 2020		2,246,544		$	0.95		9.41	$	10,081
Granted		356,767		$	10.17		—		—
Exercised		—		$	—		—		—
Cancelled or forfeited		(9,373	)	$	1.85		—		—
Balance at June 30, 2021		2,593,938		$	2.22		9.08	$	55,799
Exercisable at June 30, 2021		422,374		$	0.78		8.84	$	9,695

Unrecognized compensation expense related to stock options was $7.3 million at June 30, 2021, which is expected to be recognized as expense over the weighted-average period of 3.2 years. Additionally, in January 2019, the Company granted 284,682 performance-based options that vest upon a change of control. As of June 30, 2021, these options were not considered probable of vesting. The Company had unrecognized compensation expense of approximately $0.5 million at June 30, 2021 relating to these options.

Stock-based compensation expense included in the accompanying condensed financial statements was as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(unaudited)
Research and Development	$	50	$	—	$	77	$	—
Sales and Marketing		30		—		52		—
General and administrative		222		—		356		—
Total stock-based compensation expense	$	302	$	—	$	485	$	—

Teknova uses the Black-Scholes option-pricing model to determine the fair value of stock options. The valuation model for stock compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term, expected volatility and fair value of the Company’s common stock, and an assumed risk-free interest rate. The assumptions used in the Black-Scholes option-pricing model were as follows:

Volatility. Since the Company has limited historical data on volatility of its stock, expected volatility is based on the volatility of the stock of similar publicly traded entities. In evaluating similarity, the Company considered factors such as industry, stage of life cycle, size, and financial leverage.

Fair value of underlying common stock. Prior to the closing of the IPO, the Company had to estimate the fair value of its common stock. Management considered numerous objective and subjective factors to determine the fair value of the Company’s common stock. The factors considered include, but are not limited to: (i) the results of contemporaneous independent third- party

valuations of the Company’s common stock; (ii) the prices, rights, preferences, and privileges of the Company’s convertible preferred stock relative to those of its common stock; (iii) the lack of marketability of the Company’s common stock; (iv) actual operating and financial results;(v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the Company’s shares. Since the closing of the IPO, the fair value of the Company’s common stock is determined by the closing price of its common stock as reported on The Nasdaq Stock Market, LLC on the date of grant.

Risk-free interest rate. The risk-free rate that the Company uses is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.

Expected life. As the Company does not have sufficient historical exercise activity to estimate expected life, the expected life of options granted was determined using the “simplified” method, as illustrated in the Securities and Exchange Commission’s Staff Accounting Bulletin (SAB) No. 107, as amended by SAB No. 110. Under this approach, the expected term is presumed to be the average of the weighted average vesting term and the contractual term of the option.

Dividend yield. Teknova has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company used an expected dividend yield of zero. In addition, the terms of the Credit Agreement prohibit us from paying dividends, other than dividends payable on the Company’s common stock, without the prior consent of the lender.

The weighted average assumptions used in the Black-Scholes option-pricing model are as follows:


	For the Three Months Ended June 30, 2021			For the Six Months Ended June 30, 2021
	(unaudited)
Estimated dividend yield		0	%		0	%
Weighted-average expected stock price volatility		33.86	%		35.28	%
Weighted-average risk-free interest rate		1.05	%		0.91	%
Expected term of options (in years)		5.85			5.92
Weighted-average fair value of common stock	$	16.00		$	15.23
Weighted-average fair value per option	$	5.42		$	4.52

During the three and six months ended June 30, 2020, the Company did not make any Black-Scholes model assumptions as there were no options granted during the respective periods.

Employee Stock Purchase Plan

On June 14, 2021 and June 17, 2021, the Company’s board of directors and the Company’s stockholders, respectively, approved the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective on June 23, 2021 in connection with the IPO. A total of 290,828 shares of the Company’s common stock are reserved for issuance under the ESPP. The number of shares of the Company’s common stock that will be reserved for issuance will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year; and (ii) 319,911 shares (subject to adjustments for stock splits, dividends, combinations of shares, exchanges of shares and other “Capitalization Adjustments”, as defined in the ESPP), except before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii).

Generally, all regular employees, including executive officers, employed by the Company will be eligible to participate in the ESPP and to contribute, normally through payroll deductions, up to 15% of their earnings (as defined in the ESPP) for the purchase of the Company’s common stock under the ESPP. Unless otherwise determined by the Company’s board of directors, shares of the Company’s common stock will be purchased for the accounts of employees participating in the Company’s ESPP at a price per share equal to the lesser of (i) 85% of the fair market value of a share of the Company’s common stock on the first day of an offering; or (ii) 85% of the fair market value of a share of the Company’s common stock on the date of purchase.

Amounts contributed and accumulated by the participant will be used to purchase the Company’s common stock at the end of each offering period. No employee will be permitted to purchase shares under the ESPP at a rate in excess of $25,000 worth of the Company’s common stock (based on the fair market value per share of the Company’s common stock on the date a purchase right under the ESPP is granted) for each calendar year such a purchase right is outstanding. Participants may end their participation at any time during an offering period and will be paid their accrued contributions that have not yet been used to purchase shares of the Company’s common stock. Participation ends automatically upon termination of employment with the Company.

As of June 30, 2021, the Company had 290,828 shares of the Company's common stock reserved for future grants under the ESPP. As of June 30, 2021, there had been no grants of purchase rights and no offering periods have commenced under the ESPP.

Net (Loss) Income Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net (Loss) Income Per Share Attributable to Common Stockholders

Note 13. Net (Loss) Income Per Share Attributable to Common Stockholders

Basic net (loss) income per share is computed by dividing net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding during the period without consideration for common stock equivalents. Diluted net (loss) income per share attributable to common stockholders is computed by dividing net income by the weighted-average number of common shares outstanding during the period and potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive. Potential common stock equivalents consist of the Company’s common stock issuable upon exercise of stock options. For periods of net loss, basic and diluted earnings per share are the same as the effect of the assumed exercise of stock options, and convertible preferred stock is anti-dilutive.

The following table sets forth the computation of basic and diluted net (loss) income per share attributable to common stockholders (in thousands, except share and per share data):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
	(unaudited)
Net income (loss) attributable to stockholders	$	(2,250	)	$	512		$	(2,905	)	$	1,460
Undistributed income attributable to preferred stockholders		—			(425	)		—			(1,211	)
Net income (loss) attributable to common stockholders	$	(2,250	)	$	87		$	(2,905	)	$	249
Basic weighted-average common stock outstanding		4,328,222			3,599,232			3,965,741			3,599,232
Weighted-average effect of potentially dilutive securities:
Stock options		—			37,492			—			37,492
Dilutive weighted-average common stock		4,328,222			3,636,724			3,965,741			3,636,724
Earnings per share attributable to common stockholders:
Basic	$	(0.52	)	$	0.02		$	(0.73	)	$	0.07
Diluted	$	(0.52	)	$	0.02		$	(0.73	)	$	0.07

The following is a summary of the Company’s common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(unaudited)
Stock options to purchase common stock		2,446,307		—		2,349,100		—
Convertible Series A preferred stock (1)		9,136,771		9,342,092		9,238,864		9,342,092
Total		11,583,078		9,342,092		11,587,964		9,342,092

(1) On June 28, 2021, all outstanding shares of the Company’s Series A preferred stock were converted into 17,512,685 shares of the Company’s common stock. See Note 10, Convertible and Redeemable Preferred Stock for additional information.

Related Parties

6 Months Ended

Jun. 30, 2021

Related Party Transactions Disclosure

Note 14. Related Parties

The Company has identified the following as related parties through common control: Meeches, LLC and Thomas E. Davis, LLC, as such entities are controlled by Ted Davis, Teknova’s founder and a current director and five percent stockholder of the Company.

The Company leased certain real property and had a related party note receivable totaling approximately $0.5 million as of December 31, 2020 from Thomas E. Davis, LLC. The related party note receivable was secured by a first priority Deed of Trust on the leased property and bore interest at 6% per annum, and interest payments were received monthly. The principal balance was payable in one payment and had an original maturity date of July 1, 2019, which was extended by the Company to July 1, 2020. On June 16, 2020, the Company executed an additional amendment to the note receivable to extend the maturity date to July 1, 2021. On March 31, 2021, the $0.5 million note receivable was paid in full.

The Company leases certain real property from Meeches, LLC and does not have any outstanding balances owed to Meeches LLC. For the three months ended June 30, 2021 and 2020, the Company paid Meeches LLC $0.1 million and $0.1 million, respectively, and for the six months ended June 30, 2021 and 2020, the Company paid Meeches LLC $0.1 million and $0.2 million, respectively.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15. Commitments and Contingencies

Obligations under Operating Leases

The Company has various non-cancelable operating leases for buildings for office, warehouse and manufacturing space in Hollister, California and in Mansfield, Massachusetts. The leases have a lease term with varying expiration dates, which represent the non-cancelable periods of the leases and include extension options.

The lease agreement with Thomas E Davis, LLC, a related party (see “Note 14. Related Parties”) commenced in March 2017, with a payment of $5.0 thousand a month and a one-year term. The Company had the option to extend the term of the lease for two additional separate, successive terms of one year each, following the expiration of the initial term of the lease. The Company entered into a lease extension in June 2020 and extended the lease term until June 2021. The lease agreement was not extended beyond June 2021.

The lease agreement with Meeches, LLC, a related party (see “Note 14. Related Parties”) commenced in September 2019, with a payment of $20.0 thousand a month and a five-year term.

Rent expense for the three months ended June 30, 2021 and 2020 was $0.5 million and $0.3 million, respectively and for the six months ended June 30, 2021 and 2020, was $0.9 million and $0.6 million, respectively.

Future minimum lease payments with unrelated and related parties as of June 30, 2021, are as follows (in thousands):


	Unrelated		Related		Total
	(unaudited)
Remainder of 2021	$	718	$	129	$	847
2022		1,468		267	$	1,735
2023		1,498		279	$	1,777
2024		1,537		191	$	1,728
2025		1,060		—	$	1,060
2026 and thereafter		—		—		—
Total future minimum lease payments	$	6,281	$	866	$	7,147

Future minimum lease payments with unrelated and related parties as of December 31, 2020, are as follows (in thousands):


	Unrelated		Related		Total
2021	$	1,384	$	285	$	1,669
2022		1,468		267		1,735
2023		1,498		279		1,777
2024		1,537		191		1,728
2025		1,060		—		1,060
2026 and thereafter		—		—		—
Total future minimum lease payments	$	6,947	$	1,022	$	7,969

Litigation

Teknova’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property and product liability. As a result, the Company may be subject to various legal proceedings from time to time. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. The Company was not during the three and six months ended on June 30, 2021, and is not as of the date hereof, a party to any litigation, whether or not material.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 16. Income Taxes

For the three and six months ended June 30, 2021, the Company recorded an income tax benefit of $0.6 million and $0.7 million, respectively. The effective tax rates for the three and six months ended June 30, 2021 were 20.6% and 20.5%, respectively, and differ from the federal statutory rate primarily due to state losses not expected to be benefitted. For the three and six months ended June 30, 2020, the Company recorded an income tax expense of $0.2 million and $0.3 million, respectively. The effective tax rates for the three and six months ended June 30, 2020, were 29.2% and 16.4%, respectively. The effective tax rate for the three months ended June 30, 2020, was higher than the statutory tax rate primarily due to state taxes. The effective tax rate for the six months ended June 30, 2020, was lower than the statutory rate primarily due to the impact of the Net Operating Loss (“NOL”) carryback to periods where the corporate tax rate was higher.

In March 2020, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses. The CARES Act amends the NOL provisions of the Tax Cuts and the Jumpstart Our Business Startups Act of 2012, allowing for the carryback of losses arising in tax years 2018, 2019, and 2020, to each of the five taxable years to generate a refund of previously paid income taxes. As of June 30, 2021, the Company had an income tax receivable of $1.2 million related to anticipated refund claims.

The Company had no unrecognized tax benefits as at June 30, 2021 and December 31, 2020. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not expect the balance of unrecognized tax benefits will change significantly over the next twelve months. The Company has not accrued interest or penalties related to uncertain tax positions as of June 30, 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The accompanying condensed financial statements and related notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The condensed balance sheet at December 31, 2020, was derived from amounts included in the Company’s annual financial statements for the year ended December 31, 2020, included in the Company’s final prospectus dated June 24, 2021 (the “Final Prospectus”) filed with the Securities and Exchange Commission (“SEC”) on June 25, 2021 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”), but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto as of and for the year ended December 31, 2020, included in the Final Prospectus. Refer to Note 2, Summary of Significant Accounting Policies, within the annual financial statements included within the Final Prospectus for the full list of our significant accounting policies. The details in those notes have not changed except as a result of normal adjustments in the interim periods. On January 14, 2019, Teknova entered into a stock purchase agreement with Telegraph Hill Partners IV, L.P. and THP IV Affiliates Fund, LLC (collectively “THP”), pursuant to which THP acquired 9,342,092 shares of the Company’s Series A preferred stock, representing 80.6% of the then-outstanding voting power of the Company (on a fully diluted basis), and Teknova received an aggregate of $35.9 million from the issuance of such shares to THP (the “THP Transaction”). In connection with the THP Transaction, we elected to apply “pushdown” accounting by applying the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. Our assets and liabilities were recognized at fair value as of January 14, 2019. Additionally, the excess of the portion of the total purchase price of the THP Transaction attributable to the purchase of assets and liabilities over their estimated fair value as of the closing date of the THP Transaction was allocated to goodwill. The new basis of accounting primarily impacted the values of our long-lived and indefinite-lived intangible assets and resulted in increased depreciation and amortization expense due to the increased carrying value of our assets.
Impact of COVID-19	Impact of COVID-19 In March 2020, the World Health Organization declared that the outbreak of COVID-19 was a global pandemic. Since Teknova’s business is categorized as part of the country’s critical infrastructure, the Company was able to continue operations during the COVID-19 pandemic. During the first half of 2020, orders for Lab Essentials products declined because many research customers were required to close temporarily. Later in the year, Teknova developed and commercialized, and earned revenue on, sample transport medium for use in COVID-19 sample collection and transport. During the first half of 2021, demand for COVID-19 testing declined significantly and market supply of sample transport medium increased resulting in excess supply in the market. As a result and with uncertain future demand, the Company fully reserved for its Sample Transport medium inventory. It is not possible to exactly predict the total impact of the global COVID-19 outbreak on the Company’s future revenue or profitability, which will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the effectiveness of public policy, the potential emergence and spread of new virus variants, and the degree to which vaccination efforts are successful, among other factors.
Segment Reporting	Segment Reporting Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. Teknova’s CODM is its Chief Executive Officer, Stephen Gunstream. Teknova has determined that it operates in one reporting unit, one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
Unaudited Condensed Financial Statements	Unaudited Condensed Financial Statements The condensed balance sheet as of June 30, 2021, the condensed statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020, the condensed statements of cash flows for the six months ended June 30, 2021 and 2020, and the condensed statements of convertible and redeemable preferred stock and stockholders’ equity for the three and six months ended June 30, 2021, and 2020 are unaudited. The condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2020, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2021, and the condensed results of its operations and comprehensive income (loss) and its cash flows for the three and six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020, are also unaudited. The condensed results of operations and comprehensive income (loss) for the three and six months ended June 30, 2021, are not necessarily indicative of the results to be expected for the full year ending December 31, 2021, or for any other period.
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts of assets and liabilities, and disclosures of assets and liabilities, at the date of each financial statement, and the reported amount of revenues and expenses during the reporting period. The inputs into the Company’s judgments and estimates consider the economic implications of COVID-19 on the Company’s critical and significant accounting estimates, including those made in connection with the valuation of goodwill and intangible assets, stock-based compensation, and income taxes. Actual results can differ from those estimates.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs represent legal, consulting, and other financial costs associated with debt financing and are presented on the balance sheets as a direct reduction from the carrying amount of the related debt instrument. Debt issuance costs on the term debt are amortized to interest expense over the term of the applicable debt agreement using the effective interest rate method.
Stock-Based Compensation	Stock-Based Compensation Teknova follows the fair value recognition provisions of ASC 718, Compensation—Stock Compensation (Topic 718). The Company accounts for stock-based compensation expense based on the estimated grant date fair value, using the Black-Scholes option-pricing model, which requires the Company to make a number of assumptions, including expected volatility, the expected risk-free interest rate, the expected term and the expected dividend. Stock-based compensation expense is recognized over the requisite service period of the award, which generally represents the scheduled vesting period. Forfeitures are recognized as they occur.
Concentration of Risk	Concentration of Risk Financial Instruments Teknova’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality banking institutions. At times, the Company’s cash and cash equivalent balances may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. Teknova has never experienced any losses related to its cash and cash equivalent balances. Teknova routinely communicates with its customers regarding payments and has a history of limited write-offs. Therefore, the Company believes that its accounts receivable credit risk exposure is limited. Customers For the three months ended June 30, 2021 and 2020, Teknova’s combined sales to its three largest customers accounted for approximately 35% and 34% of its total sales, respectively. Two of these customers, individually, represented 19% and 10% of total sales, respectively, for the three months ended June 30, 2021. For the six months ended June 30, 2021 and 2020, Teknova’s combined sales to its three largest customers accounted for approximately 32% and 36% of its total sales, respectively. Two of these customers, individually, represented 17% and 9% of total sales, respectively, for the six months ended June 30, 2021. The three customers also have combined accounts receivable balances as of June 30, 2021 and December 31, 2020, representing 43% and 25% of total receivables, respectively. Two of these customers are distributors representing a highly diversified customer base. Suppliers For the three months ended June 30, 2021 and 2020, purchases from two of Teknova’s suppliers together accounted for 48% and 51%, of all of the Company’s inventory purchases, respectively. For the six months ended June 30, 2021 and 2020, purchases from two of Teknova’s suppliers together accounted for 50% and 52%, of all of the Company’s inventory purchases, respectively. The amounts due to Teknova’s largest supplier comprised approximately 12% and 20% of total accounts payable as of June 30, 2021 and December 31, 2020, respectively. One of these suppliers is a distributor representing a highly diversified supplier base.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The new standard requires lessees to generally recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet. The new standard is effective with respect to Teknova beginning January 1, 2022, on a modified retrospective basis, and early adoption is permitted. Teknova is currently evaluating the impact of the pending adoption of this standard on its condensed financial statements. Teknova expects that most of the operating lease commitments will be subject to the new standard and will be recognized as operating lease liabilities and right-of-use assets upon adoption of this standard, which will increase the Company’s total assets and total liabilities that are reported relative to such amounts prior to adoption. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASC 740”). ASU No. 2019-12 removes certain exceptions to the general principles in ASC 740 and clarifies and amends certain guidance to promote consistent application. The new guidance is effective for the Company’s annual and interim periods beginning after December 15, 2021, and early adoption is permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective or prospective basis. Teknova is currently evaluating the impact that application of the standard may have on its condensed financial statements but does not now anticipate the impact will be significant. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses. The standard introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses and will apply to accounts receivable. The new guidance will be effective for Teknova’s annual and interim periods beginning after December 15, 2022. Teknova is currently evaluating the impact that application of the standard may have on its condensed financial statements but does not anticipate it will have a significant impact.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenue

Teknova’s revenue, disaggregated by product category was as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(unaudited)
Lab Essentials	$	6,456	$	4,430	$	13,246	$	9,679
Clinical Solutions		1,593		1,208		2,664		1,787
Sample Transport		37		174		961		174
Other		227		232		520		516
Total revenue	$	8,313	$	6,044	$	17,391	$	12,156

Teknova’s revenue, disaggregated by geographic region was as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(unaudited)
United States	$	8,061	$	5,735	$	16,776	$	11,556
International		252		309		615		600
Total revenue	$	8,313	$	6,044	$	17,391	$	12,156

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets with Definite and Indefinite Lives

The following is a summary of intangible assets with definite and indefinite lives (in thousands):


	Balance at June 30, 2021 (unaudited)						Balance at December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite Lived:
Customer relationships		9,180		2,821		6,359	$	9,180	$	2,247	$	6,933
Indefinite Lived:
Tradename		12,919		—		12,919		12,919		—		12,919
Total intangible assets		22,099		2,821		19,278	$	22,099	$	2,247	$	19,852

Schedule of Future Amortization Expense

The estimated future amortization expense of intangible assets with definite lives is as follows (in thousands):


	Amount
	(unaudited)
Remainder of 2021	$	574
2022		1,148
2023		1,148
2024		1,148
2025		1,148
2026 and thereafter		1,193
Estimated future amortization expense of definite-lived intangible assets	$	6,359

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis

Financial assets carried at fair value and measured on a recurring basis as of December 31, 2020 are classified in the hierarchy as follows (in thousands):


	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	286	$	286	$	—	$	—
Total cash equivalents		286		286		—		—
Available-for-sale investments
U.S. corporate debt securities		858		—		858		—
Foreign corporate debt securities		953		—		953		—
Total available-for-sale investments		1,811		—		1,811		—
Total financial assets carried at fair value	$	2,097	$	286	$	1,811	$	—

Inventories, Net (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory, Net

Inventories consist of the following (in thousands):


	As of June 30, 2021		As of December 31, 2020
	(unaudited)
Finished goods, net	$	2,558	$	2,093
Work in process		79		137
Raw materials, net		1,243		1,352
Total inventories, net	$	3,880	$	3,582

Property, Plant and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Summary of Components of Property, Plant and Equipment, Net

Property, plant and equipment consist of the following (in thousands):


	As of June 30, 2021			As of December 31, 2020
	(unaudited)
Machinery and equipment	$	8,416		$	6,084
Office furniture and equipment		494			315
Vehicles		70			128
Leasehold improvements		2,625			2,442
		11,605			8,969
Less—Accumulated depreciation		(1,713	)		(995	)
		9,892			7,974
Construction in progress		8,434			2,034
Total property, plant and equipment, net	$	18,326		$	10,008

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Accrued Liabilities Current [Abstract]

Summary of Accrued Liabilities

Accrued liabilities were comprised of the following (in thousands):


	As of June 30, 2021		As of December 31, 2020
	(unaudited)
Payroll-related	$	1,873	$	1,482
Other		1,428		845
Total current accrued liabilities	$	3,301		2,327

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Summary of Components of Carrying Value of Long-Term Debt

The components of the carrying value of long-term debt as of June 30, 2021 and December 31, 2020, are detailed below:


	As of June 30, 2021			As of December 31, 2020
	(unaudited)
Long-term debt	$	12,000		$	—
Cumulative accretion of exit fee		30			—
Unamortized debt discount and debt issuance costs		(249	)		—
Long term debt, net	$	11,782		$	—

Schedule of Maturities of Term Loan

At June 30, 2021, the scheduled maturities, of the Term Loan were as follows (in thousands):


	Amount
	(unaudited)
Remainder of 2021	$	—
2022		—
2023		—
2024		4,500
2025		6,000
2026		1,500
Total	$	12,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Convertible and Redeemable Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2021

Temporary Equity Disclosure [Abstract]

Summary of Series A Preferred Stock

As of December 31, 2020, Series A preferred stock consisted of the following (in thousands, except share data):


	Shares Authorized		Shares Issued and Outstanding		Aggregate Liquidation Preference		Proceeds, net of Issuance Cost
Series A preferred stock		9,600,000		9,342,092	$	41,586	$	35,638

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the accompanying condensed financial statements was as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(unaudited)
Research and Development	$	50	$	—	$	77	$	—
Sales and Marketing		30		—		52		—
General and administrative		222		—		356		—
Total stock-based compensation expense	$	302	$	—	$	485	$	—

Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model

The weighted average assumptions used in the Black-Scholes option-pricing model are as follows:


	For the Three Months Ended June 30, 2021			For the Six Months Ended June 30, 2021
	(unaudited)
Estimated dividend yield		0	%		0	%
Weighted-average expected stock price volatility		33.86	%		35.28	%
Weighted-average risk-free interest rate		1.05	%		0.91	%
Expected term of options (in years)		5.85			5.92
Weighted-average fair value of common stock	$	16.00		$	15.23
Weighted-average fair value per option	$	5.42		$	4.52

2016, 2020, 2021 Equity Incentive Plans [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Options Activity

The following table summarizes the stock option activity under the 2016, 2020, and 2021 Plans for the indicated periods (unaudited) (in thousands, except share and per share data):


	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance at December 31, 2020		2,246,544		$	0.95		9.41	$	10,081
Granted		356,767		$	10.17		—		—
Exercised		—		$	—		—		—
Cancelled or forfeited		(9,373	)	$	1.85		—		—
Balance at June 30, 2021		2,593,938		$	2.22		9.08	$	55,799
Exercisable at June 30, 2021		422,374		$	0.78		8.84	$	9,695

Net (Loss) Income Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic And Diluted Net (Loss) Income Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net (loss) income per share attributable to common stockholders (in thousands, except share and per share data):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
	(unaudited)
Net income (loss) attributable to stockholders	$	(2,250	)	$	512		$	(2,905	)	$	1,460
Undistributed income attributable to preferred stockholders		—			(425	)		—			(1,211	)
Net income (loss) attributable to common stockholders	$	(2,250	)	$	87		$	(2,905	)	$	249
Basic weighted-average common stock outstanding		4,328,222			3,599,232			3,965,741			3,599,232
Weighted-average effect of potentially dilutive securities:
Stock options		—			37,492			—			37,492
Dilutive weighted-average common stock		4,328,222			3,636,724			3,965,741			3,636,724
Earnings per share attributable to common stockholders:
Basic	$	(0.52	)	$	0.02		$	(0.73	)	$	0.07
Diluted	$	(0.52	)	$	0.02		$	(0.73	)	$	0.07

Summary of Common Stock Equivalents Excluded from Calculation of Diluted Loss per Share Attributable to Common Stockholders


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(unaudited)
Stock options to purchase common stock		2,446,307		—		2,349,100		—
Convertible Series A preferred stock (1)		9,136,771		9,342,092		9,238,864		9,342,092
Total		11,583,078		9,342,092		11,587,964		9,342,092

(1) On June 28, 2021, all outstanding shares of the Company’s Series A preferred stock were converted into 17,512,685 shares of the Company’s common stock. See Note 10, Convertible and Redeemable Preferred Stock for additional information.

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments for Capital Leases

Future minimum lease payments with unrelated and related parties as of June 30, 2021, are as follows (in thousands):


	Unrelated		Related		Total
	(unaudited)
Remainder of 2021	$	718	$	129	$	847
2022		1,468		267	$	1,735
2023		1,498		279	$	1,777
2024		1,537		191	$	1,728
2025		1,060		—	$	1,060
2026 and thereafter		—		—		—
Total future minimum lease payments	$	6,281	$	866	$	7,147

Future minimum lease payments with unrelated and related parties as of December 31, 2020, are as follows (in thousands):


	Unrelated		Related		Total
2021	$	1,384	$	285	$	1,669
2022		1,468		267		1,735
2023		1,498		279		1,777
2024		1,537		191		1,728
2025		1,060		—		1,060
2026 and thereafter		—		—		—
Total future minimum lease payments	$	6,947	$	1,022	$	7,969

Nature of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
	Jun. 28, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts (in shares)	17,512,685
Proceeds from initial public offering, net of underwriters’ commissions and discounts		$ 99,100	$ 102,672	$ 0
Proceeds from Issuance After Deducting Underwriting Discounts and Commissions		7,700
Offering Expenses		$ 3,600
Preferred stock, shares outstanding		0	0		0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs			$ 3,600
Deferred Offering Costs					$ 0
Convertible and Redeemable Preferred Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Preferred stock, shares outstanding		0	0
Minimum [Member] \| Convertible and Redeemable Preferred Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Convertible preferred stock carrying value		$ 35,600	$ 35,600
Maximum [Member] \| Convertible and Redeemable Preferred Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Convertible preferred stock carrying value		$ 35,900	$ 35,900
IPO [Member]
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts (in shares)		6,900,000
Option to Purchase Additional Shares of Common Stock		900,000
Shares Issued, Price Per Share		$ 16.00	$ 16.00
Accretion Expense	$ 300

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 14, 2019 USD ($) shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2020	Jun. 30, 2021 USD ($) Segment shares	Jun. 30, 2020	Dec. 31, 2020 shares
Product Information [Line Items]
Preferred stock, shares issued		0		0		0
Aggregate proceeds from issuance \| $		$ 99,057		$ 99,057
Operating segment \| Segment				1
Reportable segment \| Segment				1
Customers Concentration Risk [Member] \| Three Largest Customers [Member] \| Combined Sales [Member]
Product Information [Line Items]
Percentage of Total Sales		35.00%	34.00%	32.00%	36.00%
Customers Concentration Risk [Member] \| Three Largest Customers [Member] \| Combined Accounts Receivable [Member]
Product Information [Line Items]
Percentage of Total Sales				43.00%		25.00%
Customers Concentration Risk [Member] \| Customer 1 [Member] \| Combined Sales [Member]
Product Information [Line Items]
Percentage of Total Sales		19.00%		17.00%
Customers Concentration Risk [Member] \| Customer 2 [Member] \| Combined Sales [Member]
Product Information [Line Items]
Percentage of Total Sales		10.00%		9.00%
Suppliers Concentration Risk [Member] \| Two Largest Suppliers [Member] \| Inventory Purchases [Member]
Product Information [Line Items]
Percentage of Total Sales		48.00%	51.00%	50.00%	52.00%
Suppliers Concentration Risk [Member] \| Total Accounts Payable [Member] \| Largest Supplier [Member]
Product Information [Line Items]
Percentage of Total Sales				12.00%		20.00%
Series A Preferred Stock [Member]
Product Information [Line Items]
Preferred stock, shares issued		0		0		9,342,092
THP [Member] \| Series A Preferred Stock [Member]
Product Information [Line Items]
Preferred stock, shares issued	9,342,092
Percentage of preferred stock voting rights	80.60%
Aggregate proceeds from issuance \| $	$ 35,900

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Shipping and handling charges	$ 0.2	$ 0.2	$ 0.5	$ 0.5

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenue	$ 8,313	$ 6,044	$ 17,391	$ 12,156
United States [Member]
Disaggregation Of Revenue [Line Items]
Revenue	8,061	5,735	16,776	11,556
International [Member]
Disaggregation Of Revenue [Line Items]
Revenue	252	309	615	600
Lab Essentials [Member]
Disaggregation Of Revenue [Line Items]
Revenue	6,456	4,430	13,246	9,679
Clinical Solutions [Member]
Disaggregation Of Revenue [Line Items]
Revenue	1,593	1,208	2,664	1,787
Sample Transport [Member]
Disaggregation Of Revenue [Line Items]
Revenue	37	174	961	174
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 227	$ 232	$ 520	$ 516

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite Lived Intangible Assets [Line Items]
Carrying amount of goodwill	$ 0	$ 0	$ 0	$ 0
Amortization of intangible assets	$ 287,000	$ 287,000	$ 574,000	$ 574,000
Acquired finite-lived intangible assets, weighted average useful life			5 years 6 months

Goodwill and Intangible Assets, Net - Summary of Intangible Assets with Definite and Indefinite Lives (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Goodwill And Intangible Assets [Line Items]
Intangible Assets, Gross	$ 22,099	$ 22,099
Intangible Assets, Accumulated Amortization	2,821	2,247
Intangible Assets, Net	19,278	19,852
Trade Names [Member]
Schedule Of Goodwill And Intangible Assets [Line Items]
Intangible Assets, Gross	12,919	12,919
Intangible Assets, Accumulated Amortization	0	0
Intangible Assets, Net	12,919	12,919
Customer Relationships [Member]
Schedule Of Goodwill And Intangible Assets [Line Items]
Intangible Assets, Gross	9,180	9,180
Intangible Assets, Accumulated Amortization	2,821	2,247
Intangible Assets, Net	$ 6,359	$ 6,933

Goodwill and Intangible Assets, Net - Schedule of Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 574
2022	1,148
2023	1,148
2024	1,148
2025	1,148
2026 and thereafter	1,193
Finite Lived Intangible Assets, Net	$ 6,359

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value	$ 0	$ 2,097
Short-term investments - marketable securities	$ 0	$ 1,811

Fair Value Measurements - Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		$ 286
Total available-for-sale investments		1,811
Assets, Fair Value Disclosure	$ 0	2,097
U.S. Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total available-for-sale investments		858
Foreign Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total available-for-sale investments		953
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		286
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		286
Total available-for-sale investments		0
Assets, Fair Value Disclosure		286
Level 1 [Member] \| U.S. Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total available-for-sale investments		0
Level 1 [Member] \| Foreign Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total available-for-sale investments		0
Level 1 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		286
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		0
Total available-for-sale investments		1,811
Assets, Fair Value Disclosure		1,811
Level 2 [Member] \| U.S. Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total available-for-sale investments		858
Level 2 [Member] \| Foreign Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total available-for-sale investments		953
Level 2 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		0
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		0
Total available-for-sale investments		0
Assets, Fair Value Disclosure		0
Level 3 [Member] \| U.S. Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total available-for-sale investments		0
Level 3 [Member] \| Foreign Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total available-for-sale investments		0
Level 3 [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		$ 0

Inventories, Net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods, net	$ 2,558	$ 2,093
Work in process	79	137
Raw materials, net	1,243	1,352
Total inventories, net	$ 3,880	$ 3,582

Property, Plant and Equipment, Net - Summary of Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 11,605	$ 8,969
Less—Accumulated depreciation	(1,713)	(995)
Property, plant and equipment, after depreciation	9,892	7,974
Construction in progress	8,434	2,034
Total property, plant and equipment, net	18,326	10,008
Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	8,416	6,084
Office Furniture and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	494	315
Vehicles [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	70	128
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,625	$ 2,442

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 0.4	$ 0.2	$ 0.8	$ 0.4

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Payroll-related	$ 1,873	$ 1,482
Other	1,428	845
Total current accrued liabilities	$ 3,301	$ 2,327

Long-Term Debt - Additional information (Details) - USD ($)		1 Months Ended		6 Months Ended		12 Months Ended
	Mar. 26, 2021	Jul. 31, 2022	Jan. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Maximum amount borrowed	$ 27,000,000.0
Line of credit working capital	5,000,000.0
Maximum amount borrowed at the end of month	$ 12,000,000.0
Line of Credit Facility, Description	If any advance under the Term Loan is prepaid at any time, the prepayment fee is based on the amount being prepaid and an applicable percentage amount, such as 3%, 2%, or 1%, based on the date the prepayment is made after the closing date of the Term Loan.
Debt issuance cost				$ 153,000	$ 0
Long-term Debt, Gross				12,000,000					$ 0
Long term debt, net				$ 11,782,000					$ 0
Forecast [Member]
Debt Instrument [Line Items]
Unused Borrowing Capacity Amount							$ 5,000,000.0	$ 5,000,000.0
Contingent Revenue		$ 38,500,000	$ 37,000,000.0
LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	6.45%
LIBOR Floor [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Maximum amount borrowed	$ 22,000,000.0
Term loan exit fee	$ 600,000
Exit Fees Percentage of Term Loan	5.00%
Debt issuance cost	$ 300,000
Term Loan	$ 12,000,000.0
Senior Secured Term Loan [Member] \| Forecast [Member]
Debt Instrument [Line Items]
Net revenue requirement for the financial covenant						$ 32,000,000.0

Long-Term Debt - Summary of Components of Carrying Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Long term debt	$ 12,000	$ 0
Cumulative accretion of exit fee	30	0
Unamortized debt discount and debt issuance costs	(249)	0
Long-term debt, net	$ 11,782	$ 0

Long-Term Debt - Summary of Scheduled Maturities of Term Loan (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Long Term Debt [Abstract]
Remainder of 2021	$ 0
2022	0
2023	0
2024	4,500
2025	6,000
2026	1,500
Total	$ 12,000

Convertible and Redeemable Preferred Stock - Summary of Series A Preferred Stock (Details) - Series A Preferred Stock [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) shares
Shares Authorized \| shares	9,600,000
Shares Issued and Outstanding \| shares	9,342,092
Aggregate Liquidation Preference \| $	$ 41,586
Proceeds, net of Issuance Cost \| $	$ 35,638

Convertible and Redeemable Preferred Stock - Additional Information (Details) $ in Thousands	Jun. 28, 2021 USD ($) shares	Jun. 17, 2021	Jun. 30, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Temporary Equity [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio		1.8746
Series A Preferred Stock [Member]
Temporary Equity [Line Items]
Convertible Preferred Stock Shares Issued Upon Conversion	17,512,685
Convertible preferred stock, terms of conversion	one-to-one
Temporary equity, carrying amount, attributable to parent \| $	$ 35,900		$ 0	$ 35,638
Temporary equity, shares issued			0
Temporary equity, shares outstanding			0

- Definition

Specific terms relevant to convertibility. Includes class of preferred stock and number of shares convertible into, exercise (or conversion) price or rates, dates relevant to conversion timing and events relevant to conversion. Describe also any beneficial conversion features. where convertible preferred stock with a nondetachable conversion feature is in-the-money at commitment date. For contingently convertible preferred stock, discuss the circumstances of the contingency, including the events or changes in circumstance that would cause the contingency to be met and any of the significant features necessary to understand the conversion rights and the timing of those rights. Include also an events or changes in circumstance, if any, that could adjust or change the contingency, conversion price, or number of shares, including significant terms of those changes.

+ References + Details

Equity - Additional Information (Details) - $ / shares	Jun. 30, 2021	Jun. 28, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Preferred stock, par value	$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000	0
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, shares authorized	490,000,000		30,000,000
Common stock, par value	$ 0.00001		$ 0.00001
Common stock, shares issued	28,011,917		3,599,232
Common stock, shares outstanding	28,011,917		3,599,232

Stock-Based Compensation - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 14, 2021	Jan. 14, 2019	Jan. 31, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 13, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incremental stock-based compensation expense				$ 302,000	$ 0	$ 485,000	$ 0
Expected dividend yield				0.00%		0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Amount of Shares Per Employee						$ 25,000
Employee Stock Purchase Plan, Offering Period						no
Performance Based Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted			284,682
2016 Stock Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Share, Available For Issuance						0		0
Stock options, repurchased		3,542,994
Price per share		$ 2.0521
Additional stock options granted						0
2016 Stock Plan [Member] \| Time-Based and Performance-Based Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term period						10 years
2016 Stock Plan [Member] \| Time-Based Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						4 years
Stock options, vested shares									3,951,334
Stock options, nonvested shares									1,485,006
2016 Stock Plan [Member] \| Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted		284,682
2020 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Share, Available For Issuance						0		1,924,370
Additional stock options granted						0
Common stock reserved for future issuance				3,143,848		3,143,848
Incremental stock-based compensation expense						$ 30,000.00
2020 Equity Incentive Plan [Member] \| Time-Based and Performance-Based Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term period						10 years
2020 Equity Incentive Plan [Member] \| Time-Based Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						4 years
2020 Equity Incentive Plan [Member] \| Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	48 months
Shares acquired	231,719
2020 Equity Incentive Plan [Member] \| Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	48 months
Incremental stock-based compensation expense	$ 3,500,000
2016, 2020, 2021 Equity Incentive Plans [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted						356,767
Weighted-average recognition period						3 years 2 months 12 days
2016, 2020, 2021 Equity Incentive Plans [Member] \| Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense				$ 500,000		$ 500,000
2016, 2020, 2021 Equity Incentive Plans [Member] \| Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense				$ 7,300,000		$ 7,300,000
2016, 2020, 2021 Equity Incentive Plans [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted					0		0
Common stock reserved for future issuance	2,908,283
Share available For Future grants						2,748,349
Increase in common stock reserved for future issuance, term period	10 years
Shares to be issued under share-based payment arrangement	5,020,114
New shares to be issued under share-based payment arrangement	2,908,283
Additional shares to be issued under share-based payment arrangement	2,111,830
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted						0
Common stock reserved for future issuance	290,828			290,828		290,828
Percentage of additional shares added on outstanding shares	1.00%
Share available For Future grants	319,911
Increase in common stock reserved for future issuance, term period	10 years
Maximum employee subscription rate	15.00%
Discount from market price, offering date	85.00%
Discount from market price, purchase date	85.00%
Maximum number of shares per employee	0
Board Of Director [Member] \| 2016, 2020, 2021 Equity Incentive Plans [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Employees [Member] \| 2016, 2020, 2021 Equity Incentive Plans [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years

Stock-Based Compensation - Summary of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Remaining Contractual Term (in years), Options outstanding	5 years 10 months 6 days	5 years 11 months 1 day
2016, 2020, 2021 Equity Incentive Plans [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning balance		2,246,544
Number of Options, Granted		356,767
Number of Options, Exercised		0
Number of Options, Cancelled or forfeited		(9,373)
Number of Options, Outstanding, Ending balance	2,593,938	2,593,938	2,246,544
Number of Options, Exercisable, Ending balance	422,374	422,374
Weighted Average Exercise Price per Share, Options outstanding, Beginning balance		$ 0.95
Weighted Average Exercise Price per Share, Granted		10.17
Weighted Average Exercise Price per Share, Exercised		0
Weighted Average Exercise Price per Share, Cancelled or forfeited		1.85
Weighted Average Exercise Price per Share, Options outstanding, Ending balance	$ 2.22	2.22	$ 0.95
Weighted Average Exercise Price per Share, Exercisable, Ending balance	$ 0.78	$ 0.78
Weighted Average Remaining Contractual Term (in years), Options outstanding		9 years 29 days	9 years 4 months 28 days
Weighted Average Remaining Contractual Term (in years), Exercisable		8 years 10 months 2 days
Aggregate Intrinsic Value, Options outstanding	$ 55,799	$ 55,799	$ 10,081
Aggregate Intrinsic Value, Exercisable	$ 9,695	$ 9,695

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 302	$ 0	$ 485	$ 0
Research and Development Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	50	0	77	0
Selling and Marketing Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	30	0	52	0
General and Administrative Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 222	$ 0	$ 356	$ 0

Stock-Based Compensation - Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Estimated dividend yield	0.00%	0.00%
Weighted-average expected stock price volatility	33.86%	35.28%
Weighted-average risk-free interest rate	1.05%	0.91%
Expected term of options (in years)	5 years 10 months 6 days	5 years 11 months 1 day
Weighted-average fair value of common stock	$ 16.00	$ 15.23
Weighted-average fair value per option	$ 5.42	$ 4.52

Net (Loss) Income Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net (loss) income	$ (2,250)	$ 512	$ (2,905)	$ 1,460
Undistributed income attributable to preferred stockholders	0	(425)	0	(1,211)
Net income (loss) attributable to common stockholders	$ (2,250)	$ 87	$ (2,905)	$ 249
Basic weighted-average common stock outstanding	4,328,222	3,599,232	3,965,741	3,599,232
Weighted-average effect of potentially dilutive securities:
Stock options	0	37,492	0	37,492
Dilutive weighted-average common stock	4,328,222	3,636,724	3,965,741	3,636,724
Net (loss) income per share attributable to common stockholders
Basic	$ (0.52)	$ 0.02	$ (0.73)	$ 0.07
Diluted	$ (0.52)	$ 0.02	$ (0.73)	$ 0.07

Net (Loss) Income Per Share Attributable to Common Stockholders - Summary of Common Stock Equivalents Excluded from Calculation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Stock options to purchase common stock

11,583,078

9,342,092

11,587,964

9,342,092

Stock Options to Purchase Common Stock [Member]

Stock options to purchase common stock

2,446,307

2,349,100

Convertible Series A Preferred Stock [Member]

Stock options to purchase common stock

^[1]

9,136,771

9,342,092

9,238,864

9,342,092

[1]	On June 28, 2021, all outstanding shares of the Company’s Series A preferred stock were converted into 17,512,685 shares of the Company’s common stock. See Note 10, Convertible and Redeemable Preferred Stock for additional information.

Net (Loss) Income Per Share Attributable to Common Stockholders - Summary of Common Stock Equivalents Excluded from Calculation of Diluted Loss per Share Attributable to Common Stockholders (Parenthetical) (Details)	Jun. 28, 2021 shares
Series A Preferred Stock [Member]
Convertible Preferred Stock Shares Issued Upon Conversion	17,512,685

Related Parties - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2021	Sep. 30, 2019	Mar. 31, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Payment for Rent Expense				$ 500,000	$ 300,000	$ 900,000	$ 600,000
Thomas E. Davis, LLC [Member]
Related Party Transaction [Line Items]
Related party notes receivable								$ 500,000
Related Party Transaction, Rate						6.00%
Note receivable paid by related party	$ 500,000
Payment for Rent Expense			$ 5,000.0
Meeches L L C [Member]
Related Party Transaction [Line Items]
Payment for Rent Expense		$ 20,000.0		$ 100,000	$ 100,000	$ 100,000	$ 200,000

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Sep. 30, 2019	Mar. 31, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lessee Lease Description [Line Items]
Payment for Rent Expense			$ 500,000	$ 300,000	$ 900,000	$ 600,000
Thomas E. Davis, LLC [Member]
Lessee Lease Description [Line Items]
Payment for Rent Expense		$ 5,000.0
Lessee, Operating Lease, Term of Contract			1 year		1 year
Lessee, Operating Lease, Option to Extend					The Company had the option to extend the term of the lease for two additional separate, successive terms of one year each, following the expiration of the initial term of the lease.
Meeches LLC [Member]
Lessee Lease Description [Line Items]
Payment for Rent Expense	$ 20,000.0		$ 100,000	$ 100,000	$ 100,000	$ 200,000
Lessee, Operating Lease, Term of Contract			5 years		5 years

Commitments and Contingencies - Schedule of Future Minimum Lease Payments for Capital Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Remainder of 2021	$ 847	$ 1,669
2022	1,735	1,735
2023	1,777	1,777
2024	1,728	1,728
2025	1,060	1,060
2026 and thereafter	0	0
Total future minimum lease payments	7,147	7,969
Unrelated Party [Member]
Lessee Lease Description [Line Items]
Remainder of 2021	718	1,384
2022	1,468	1,468
2023	1,498	1,498
2024	1,537	1,537
2025	1,060	1,060
2026 and thereafter	0	0
Total future minimum lease payments	6,281	6,947
Related Party [Member]
Lessee Lease Description [Line Items]
Remainder of 2021	129	285
2022	267	267
2023	279	279
2024	191	191
2025	0	0
2026 and thereafter	0	0
Total future minimum lease payments	$ 866	$ 1,022

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
(Benefit from) provision for income taxes	$ (583)	$ 211	$ (747)	$ 286
Effective Tax Rate	20.60%	29.20%	20.50%	16.40%
Unrecognized Tax Benefits	$ 0		$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details